M&S Flexi Cash ISA

hansi

Mrs Hansi and I curently have the Halifax Reward ISA each and are going to cash them in after 5th April as we are non taxpayers and can get a better rate elsewhere in an easy access account. However, Mrs Hansi is a M&S account holder and, as such, would benefit by £20 in vouchers if she opened an Flexi ISA with them. Is there anything stopping her opening an account in April with £100, waiting for the vouchers in July, and then closing the account?;);)

alastair_h

As long as the terms and conditions allow this I don't see why not, I have had a quick look but this doesn't seem to be mentioned in here. Perhaps it's an incentive to existing customers only??

http://money.marksandspencer.com/pdf/ISTermsAndConditions.pdf

McKneff

But if she opened a flexi isa, put in money, why bother closing it, just leave the £100 in there, or take £95 out. There may come a time over the year that she may still want to contribute to an iSA. We dont know what is around any corner.

Oldbiggles

McKneff is correct. If you close the ISA, you will not be able to open another until next year. You might be a non taxpayer now but we don't know what will happen after the coming general election. The incoming Govt' has got to reduce the countries massive debt somehow and it could well be a change to tax allowances, although we hope not. However, it might be prudent to keep your Isa option open just in case.